Clearwater Paper Corporation has announced that its Board of Directors appointed has unanimously elected Arsen S. Kitch, the company’s senior vice president and general manager of its consumer products division, as its next CEO, effective 1st April, 2020. Upon becoming CEO, Mr. Kitch will be appointed to the board. Mr. Kitch will succeed Linda K. Massman, who has informed the board of her decision to retire from Clearwater Paper after serving in the CEO position since January 2013. She previously served as the company’s president and chief operating officer from 2011 to 2013 and as chief financial officer from 2008 to 2011. In addition, the company announced that Alexander Toeldte has transitioned from chair to to independent executive chair of the board, effective 1st March, 2020, to ensure an effective leadership transition.
Alexander Toeldte said: «Arsen has contributed greatly to our company with his strategic acumen and strong leadership skills. «After careful consideration, the board is proud to select a candidate who deeply understands our businesses. Arsen is well-positioned to lead our company and enhance shareholder value, given his knowledge of our industry as well as his operations, finance and corporate development experience. The board looks forward to working with Arsen and the leadership team to ensure a seamless transition for our company and stakeholders».
Mr. Kitch stated: «I am honored to succeed Linda as the company’s next CEO and am excited about the opportunity to lead our company forward. Today, Clearwater Paper has a healthy business and a strong team focused on driving results and building on our recent momentum of solid operational results. I look forward to working with the board and management, and all of our team members, to advance our strategy, create a stronger company for our customers and employees, and deliver value for our shareholders».
The company has initiated a comprehensive search process to identify and evaluate potential candidates to be the company’s next general manager of its consumer products division.
Clearwater Paper is also updating its fourth quarter of 2019 outlook. Due to lower input costs, timing of certain expenses and strong execution of the business, the company now expects adjusted earnings before interest, taxes, depreciation and amortization, or EBITDA to be in the range of 49 to 53 million dollars.